U.S. Securities and Exchange Commission building in Washington, D.C. Photo: Diego M. Radzinschi/ALM
Stifel Financial, Invesco Advisers and other big names in wealth management have agreed to pay hefty fines, after another Securities and Exchange Commission sweep totaling $88,225,000 of 11 firms charged with "widespread recordkeeping failures" related to off-channel texting communications and recordkeeping violations, according to the SEC.
Since 2020, Stifel advisors have communicated with businesses or clients using unapproved personal devices or off-channel services such as WhatsApp, according to the SEC.
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